基于OF-F模式的收益共享契约研究

发布时间：2018-04-15 10:08

本文选题：保理 + 订单融资　；参考：《天津大学》2014年硕士论文

【摘要】：供应链契约已成为供应链协调研究的一个重点，但目前对供应链契约的研究很少考虑到供应商资金水平的影响，而供应商资金是否充裕对整个供应链决策起着至关重要的作用。由于市场竞争及产业链竞争的加剧，越来越多的企业采用赊销的结算方式，而赊销使得企业产生了大量的应收账款，不仅缩减了供应链流动资金运转速率，而且加剧了企业财务风险。因此，在这种形式下，盘活应收账款成为解决供应链资金缺乏的重要途径。根据权威调查显示，众多供应商认为在应收账款融资中“保理”是未来最好的融资方式之一。通过分析文献，，发现大多数文献是对保理的定性介绍，将保理运用到供应链契约中的定量研究较少。因此本文将保理运用到供应商具有资金约束的供应链中，使研究更具现实意义。同时本文假设供应商在为制造商备货时缺乏资金故不会产生交货行为即未产生应收账款，因此不可采用保理业务；而凭有效订单即可获得融资的订单融资可解决此类问题，但订单融资仍然存在一定弱点，因此本文采用了新型的融资模式——OF-F模式。OF-F模式是指订单融资与保理相承接形成的新型融资模式，该模式既能解决上述问题，又能充分发挥保理的优势。本文基于单一供应商和单一制造商组成的两级供应链，对比直接融资研究了OF-F模式下收益共享契约如何协调供应链的问题。本文假定供应商运营资金不足且需求具有价格敏感性，构建了基于两种融资模式（直接融资模式和OF-F模式）的供应商—制造商收益共享契约模型和OF-F模式下银行利率模型，分析了两种不同融资下利润分配情况，结果表明：两类融资模式下，收益共享契约都能实现供应链协调；对比直接融资模式，OF-F模式使得供应链总利润升高；在供应商主导下且当制造商违约概率较小时，承担主要经营风险的制造商利润提高，而供应商则降低；在OF-F模式下，收益共享契约能提高供应链整体绩效，并能实现总利润在各成员间的合理分配。最后通过算例分析验证了结论。
[Abstract]:Supply chain contract has become an important part of supply chain coordination, but the research on supply chain contract seldom takes into account the influence of supplier's capital level, and whether the supplier's capital is sufficient or not plays an important role in the whole supply chain decision.Due to the intensification of market competition and industry chain competition, more and more enterprises adopt the settlement method of credit sales, and credit sales make enterprises produce a large amount of accounts receivable, which not only reduces the running rate of supply chain liquidity.And exacerbated the enterprise financial risk.Therefore, in this form, activating accounts receivable is an important way to solve the shortage of supply chain funds.According to authoritative survey, many suppliers think factoring is one of the best financing methods in the future.Through the analysis of the literature, it is found that most of the literatures are qualitative introduction of factoring, and the quantitative research on applying factoring to supply chain contract is less.Therefore, this paper applies factoring to the supply chain with financial constraints, which makes the research more practical.At the same time, this paper assumes that the supplier will not produce the delivery behavior because of lack of funds when preparing goods for the manufacturer, therefore, the factoring business cannot be adopted, and the order financing that can be financed by valid order can solve this problem.However, there are still some weaknesses in order financing. Therefore, this paper adopts a new financing mode: OF-F mode. OF-F mode is a new financing mode which can solve the above problems.And can give full play to the advantages of factoring.Based on a two-level supply chain composed of a single supplier and a single manufacturer, this paper studies how the revenue-sharing contract can coordinate the supply chain under the OF-F model by comparing direct financing.Based on the assumption that the supplier is short of operating capital and the demand is price sensitive, this paper constructs the Vendor-manufacturer profit sharing contract model based on two financing modes (direct financing model and OF-F model) and the bank interest rate model under OF-F mode.The profit distribution under two different financing conditions is analyzed. The results show that the profit sharing contract can realize the coordination of the supply chain under the two financing modes, and the OF-F model can increase the total profit of the supply chain compared with the direct financing model.Under the condition of supplier leading and when the manufacturer's default probability is small, the profit of the manufacturer who bears the main operating risk increases, while the supplier decreases. In OF-F mode, the profit-sharing contract can improve the overall performance of the supply chain.And can realize the reasonable distribution of the total profit among the members.Finally, the conclusion is verified by an example.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F274;F224

【参考文献】